Social partners in France have concluded an agreement on value sharing, to promote profit-sharing and incentive schemes as well as tax-free bonuses in all companies. Following a Convention on Value Sharing in February 2023, the French government has promised to formalise the terms of the accord in law.
The measure means that companies with more than 50 employees and at least one trade union delegate are obliged to agree on compensation for employees delivering ‘exceptional results’. This should lead to an additional profit-share or discussions on setting up a supplementary compensation scheme. The signatories also want to promote profit-sharing in companies with fewer than 50 employees.
Meanwhile, French multinational tyre manufacturer Michelin has signed a ‘quality of life at work’ agreement with trade unions, to “strengthen the attractiveness of the company and contribute to a better work-life balance”. The deal includes gender equality measures to boost female recruitment and increases support for the cost of public transport to 80% for all employees, apprentices, and trainees.
Image: Peggy and Marco Lachmann-Anke